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An ambiguous situation

28 April 2016, USD/JPY

Daily chart: resistance zone 113.02 (the upper Bollinger band) is still held by the price, from which we expect a new 300-points medium-term decline towards the middle band (110.24).

Н4: locally the pair sandwiched between 110.81 and 111.64. ADX is passive and weak, so far we are based on the flat scenario.

Н1: a northern signal (breakthrough of the upper envelope and expansion of the Bollinger bands). However, the signal has been received within the flat, which is rather to be false. Local levels of support and resistance are 111.24\111.64.

Expectations: flat 111.24-111.64

Trading solutions: if we get long-signals around ​​111.24, we will be buying with a view to finalization of 113.02

Aleksey Panasenko
Analyst of «FreshForex» company
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